Prepare for the unexpected: Time for an insurance checkup

Don't forget to think about the unexpected while saving for retirement.

Planning involves more than just managing your budget today and growing your savings; you also need to protect your assets by having adequate insurance.

More than 40 percent of Americans say they would feel the financial impact within six months if the primary wage earner died, according to Life Happens and LIMRA.

"Have the 'insurance conversation' with your loved ones to make sure you — and your family — are adequately covered."

If you are wondering how much coverage you need, give yourself an insurance checkup by asking a few key questions:

Do you have adequate life insurance? You want to make sure your family will be OK financially if you die. Take into account job-based income, debts, funeral expenses, education and any inheritance. The average cost of a $250,000 20-year term-life policy is $276 a year for a healthy 30-year-old male. That's less than $25 per month, according to Insure.com, which has a life insurance calculator to help you estimate what you'd need financially. You can also calculate coverage options at LifeHappens.org.

Do you have disability insurance? During your working years, you're more likely to become disabled than to die. How much income would you need to maintain your current standard of living?

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Do you need long-term care insurance? You may not want to purchase this insurance but at least be mindful of the expenses you may incur if you develop a chronic illness or become disabled and can no longer care for yourself over an extended period.

You can calculate your needs for life, disability and long-term care insurance at LifeHappens.org. Also make sure to consult with an insurance agent and financial advisor.

Have the "insurance conversation" with your loved ones to make sure you — and your family — are adequately covered.